Thursday 21 February 2019

IDEAL STOCK MARKET UPDATE | MARKET OPENS

Benchmark indices opened flat with negative bias on Friday with Nifty holding above 10,750 level.

At 09:17 hrs IST, the Sensex is down 36.45 points at 35861.90, while Nifty was down 15.10 points at 10774.80. About 400 shares have advanced, 347 shares declined, and 38 shares are unchanged.

Among the sectors, infra, energy and metal are witnessing some selling pressure, while FMCG, IT and pharma indices are trading higher.

Bajaj Auto, Maruti Suzuki, ICICI Bank, HUL, BPCL, HPCL, IOC, HDFC Bank are the top gainers in the morning, while losers is Kotak Mahindra Bank.

Rupee Opens:
The Indian rupee opened flat at 71.25  per dollar on Friday versus previous close 71.25.

Yesterday, rupee closed almost flat against the US dollar but broadly consolidates in the range of 70.70 and 71.40 levels for the fifth successive session. Global crude oil prices witnessed selling pressure on higher levels after US crude oil exports hit an all-time high as output from the nation’s shale fields continues to surge.
On the domestic front, no major economic data is expected to be released and lack of cues on the global front could keep the volatility for the currency.

Global Markets :
Wall Street ends lower:
Weak economic reports pressured US stocks on Thursday after the market's recent run of gains, and a drop in healthcare shares added to the bearish momentum.

SGX Nifty:
Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 19.50 points or 0.18 percent. Nifty futures were trading around 10,794-level on the Singaporean Exchange.

Asian markets trade lower:
Shares in Asia were flat in early trade on Friday following a fall on Wall Street, with a deteriorating global economic outlook outweighing more signs of progress in trade talks between China and the United States.

Domestic Markets :
Results Today: Tilaknagar Industries, CHPL Industries and Sang Froid Labs

ING Group may sell 1.2% stake in Kotak Mahindra Bank today.
ING Mauritius Investments held about 3 percent stake, or 5,84,53,476 shares, in Kotak Mahindra Bank as of December 31, 2018, shows BSE data.

ING Group is looking to sell around 1.20 percent stake in Kotak Mahindra Bank worth over Rs 2,800 crore via block deal on February 22, according to a report by ET Now.

Moneycontrol could not confirm the report independently.
ING Mauritius Investments held about 3 percent stake, or 5,84,53,476 shares, in Kotak Mahindra Bank as of December 31, 2018, shows BSE data.

ING Group may sell 23 lakh shares, or 1.20 percent equity, at the price of Rs 1,125-1,250 per share, said multiple media reports.

On February 21, the Kotak Mahindra stock closed marginally lower at Rs 1,288.90 on the BSE.

ING Group merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014. After the deal, the former held 6.5 percent stake in the merged entity, but offloaded some its stake later.

Here are the stocks that are in news today:
Bank of Baroda : to invest Rs 4,638 crore in equity of bank by way of preferential allotment.

SIS Australia Group Pty Ltd., a subsidiary of Security & Intelligence Services has signed definitive agreements to acquire initially 51% shareholding in Platform 4 Group

Gabriel India's Chief Financial Officer Rajendran Arunachalam resigns

BEL signs teaming agreement with Hughes India for Helicopter satcom solutions

BEL signs MOU with JSR Dynamics for manufacture and sale of Glide Weapons and Light Weight Cruise missiles

RCom seeks lenders' nod for release of Rs 260 cr in bank account to Ericsson

SEBI fines Rs 6 lakh on Taneja Aerospace, 2 others for disclosure lapses

Kaveri Seed Company clarifies that the Government of Andhra Pradesh has suspended the licenses of 14 Seed Companies including the Kaveri Seed Company on 28th January 2019. The said suspension has no impact on the budgeted sales of the Company

Tata Steel board to consider and approve the issuance of unsecured Non-Convertible Debentures on private placement basis on February 26

AU Small Finance Bank entered into an agreement with ACKO General Insurance Company for General insurance as Corporate Agent

Government of India to infuse Rs 6,896 crore in Allahabad Bank.

Dyanamatic Technologies signed a MoU with SAAB Technologies with an intent to explore future joint opportunities in commercial and defense related work.

BEML signed a ‘Certificate of Partnership’ with Lockheed Martin Aeronautics

NBCC incorporated NBCC DWC-LLC subsidiary for Conceptualizing & Construction of India Pavilion at World Expo-2020, Dubai and other similar works.
EPFO Board recommends interest rate of 8.65% for FY19


This is the first time since FY16 that EPFO raised its provident fund interest rate. The EPFO Board also discussed the issue of raising the minimum pension under the employee pension scheme (EPS). However, a decision on the matter has been deferred until the next board meeting.

Govt asks ONGC, OIL to sell out 66 fields to pvt firms
They have been allowed to retain another 52 fields (49 by ONGC and 3 by OIL) where enhanced oil recovery or improved oil recovery programmes are already under implementation and they were put on production in the last four years.


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